China-based autonomous driving firm Momenta receives a brand new spherical of funding at a valuation over $1B
Momenta, a China-based autonomous driving firm, has secured a brand new spherical of funding from industry-leading strategic buyers and authorities funds at a valuation north of $1 billion, making Momenta the primary autonomous driving unicorn firm in China.
Current investor NIO Capital and Pagoda Funding elevated their investments. Strategic buyers, together with Tencent, authorities funds from Shanghai and Suzhou, China Retailers Group, and CCB Worldwide participated on this spherical.
Earlier, Momenta introduced the shut of a $46-million spherical of B-1 funding led by NIO Capital, a B-2 spherical led by Cathay Capital, an A spherical led by Shunwei Capital, in addition to angel funding from Blue Lake Capital, Sinovation Ventures and Zhen Fund. Since its inception, Momenta has attracted funding totaling greater than $200 million.
Based in September 2016, Momenta is constructing clever methods for autonomous driving, aiming to supply options for Tier 1 suppliers and OEMs.
Prior to now two years, Momenta has undergone three phases of improvement: Part 1 – Set up large information and computing platforms; Part 2 – Develop deep-learning algorithms as basis for Notion, HD Semantic Mapping, and Planning & Management; and Part three – Develop multi-level autonomous driving options for mass manufacturing for freeway and concrete eventualities.—Momenta CEO Xudong Cao
This 12 months, Momenta additionally fashioned strategic partnership with the federal government of Suzhou, the place the corporate will deploy a large-scale check fleet to speed up its Degree four autonomous driving improvement and assist the federal government in constructing sensible transportation methods. Momenta has expanded its enterprise to worldwide OEMs and Tier 1 suppliers.
Momenta has world-class deep studying specialists, together with the authors of essentially the most superior picture recognition frameworks, Quicker R-CNN and ResNet, and winners of ImageNet 2015, ImageNet 2017, MS COCO Problem and plenty of different competitions. The staff has grown considerably throughout the previous two years with 80% of the Momenta staff being researchers and builders.
Momenta positions itself as a Tier 2 software program supplier and goals to construct the brains for self-driving automobiles. On this setup, the automobile is taken into account the “physique”; the on-board automobiles sensors signify the “eyes & ears”; and software program which supplies path-planning and management primarily based on data produced by notion constitutes the mind, which Momenta will present to automotive Tier 1 suppliers for OEM prospects.
The important thing to realize autonomous driving is guaranteeing extraordinarily excessive stage of security and reliability. Momenta addresses this drawback by creating and using a closed suggestions loop of massive information, AI and options. Momenta has independently developed a complete set of deep-learning primarily based software program in notion, HD semantic mapping, and data-driven path planning, which allows the conclusion of full autonomy.
With the information collected from its personal crowd-sourcing channels, Momenta developed its deep-learning algorithms for notion, HD Semantic Map and planning.
Momenta has developed multi-level autonomous driving options for each aftermarket and pre-installation (OE) market:
AutoRing: Momenta’s aftermarket ADAS product: AutoRing is supplied with one digicam dealing with the driving force and a second road-facing digicam. The system supplies energetic security capabilities and fleet administration companies.
Mpilot: Momenta’s Degree three pre-installation answer for sequence manufacturing: Based mostly on reasonably priced low-cost sensors similar to digicam and radar sensors, and integration of our HD Map, the system goals to supply the final word “mind-free hands-free” autonomous driving expertise on freeways and concrete expressways.
Momenta Valet Parking (MVP): A Degree four valet parking answer for sequence manufacturing: MVP is ready to obtain Degree four autonomous driving in parking garages combining our vision-based notion and HD Map applied sciences. With mass-production in-vehicle sensors, Momenta is ready to obtain centimeter-level mapping and localization accuracy.
Momenta L4 City Autonomous Driving (M4U): Momenta’s Degree four city autonomous driving answer: M4U goals at offering autonomous mobility for everybody.